NEW YORK Copper, aluminum and plastics manufacturer
Mueller Industries Inc. says that it is poised to profit from
anticipated improvement in the housing and construction sectors
For the first time since mid-2008, housing starts rose to
a 1.04-million seasonally adjusted rate in March, chief
executive officer Greg Christopher said in an April 23 earnings
statement. Historically, the commercial and industrial
segments of the construction industry have, with some lag in
time, followed the improvement in the housing segment. We
believe that as the year progresses, we will benefit from the
increasing vigor in these markets.
The Memphis, Tenn.-based company reported first-quarter net
income of $26.2 million compared with $32.6 million in the
First-quarter net sales totaled $559.7 million compared with
$577.7 million in the year-ago quarter. The company attributed
the 3-percent decline to lower copper prices and slightly lower
unit volume in its original equipment manufacturers segment.
Copper prices averaged $3.60 per pound in the first quarter of
2013 compared with $3.78 per pound in the first quarter of
2012, Mueller said.
Mueller produces copper tube and fittings; brass and copper
alloy rod, bar and shapes; aluminum and brass forgings;
aluminum and copper extrusions; plastic fittings and valves;
refrigeration valves and fittings; and fabricated tubular
The companys fortunes are closely linked to new-home
construction, the improvement and reconditioning of existing
homes, and commercial construction, including the building of
offices, factories, hotels and hospitals.